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Questions and Answers
What happens when an invoice is marked as paid?
What happens when an invoice is marked as paid?
- It can be edited
- It can be voided
- It can no longer take on another status (correct)
- It can be deleted
What happens when an invoice is voided?
What happens when an invoice is voided?
- It can still be looked up by number (correct)
- It can be edited
- It can be paid
- It can be deleted
What can you do with a draft invoice?
What can you do with a draft invoice?
- Mark it as paid
- Voided it
- Mark it as uncollectible
- Delete it (correct)
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Study Notes
- An invoice moves through different statuses from the time it’s created to when it’s paid.
- Draft invoices are still editable and remain unsent.
- Open invoices and paid invoices are terminal, which means that they can never take on another status.
- Voided invoices are conceptually similar to deleting (canceling) them. However, voiding an invoice maintains a paper trail, which allows you to look up the invoice by number.
- Uncollectible invoices are sometimes your customers won’t be able to pay their outstanding bills.
- You can mark an invoice as paid, void, or uncollectible.
- You can delete a draft invoice at any time.
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